What’s a monero-ring? Well, it’s a decentralized, trustless, private cryptocurrency ring, built on a blockchain that allows a user to pay a fee to anonymously generate new blocks. There are rules in place to prevent anyone from creating fake blocks, which are then added to the ring. This makes it impossible to view the history of transactions, or to re-generate fake blocks to gain control over the ring. The goal? To ensure no one can take control of the ring, even if they find flaws in the protocol.
At the time of writing, Bitcoin is trading at around $34,000, a $4,000 increase from just a month ago. This is a highly unusual behaviour, where the world’s most popular cryptocurrency struggles to make up for its losses. While it is unclear what the long term price outlook will be for Bitcoin, short term, it seems to be more volatile than ever.
The price of bitcoin (BTC) remains relatively unchanged on the 24-hour chart, falling 0.56% and trading around $33,200 at the time of writing.
The general crypto-currency market traded on the 2nd. Flat July as the 4th of July holiday weekend approaches in the US. The low trading volume coincided with a slight $5 billion drop in the total market capitalization of cryptocurrencies, which currently stands at $1.378 trillion.
4 hour chart BTC/USDT. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has increased on the 2nd. July traded in a narrow range between $32,650 and $34,000, with traders waiting for a major blockchain news or development to trigger a significant price movement for the leading cryptocurrency.
The current general mood in the market is one of uncertainty, as evidenced by the following tweet from Filbfilb, independent market analyst and co-founder of the trading suite Decentrader, who is still undecided about what will happen next and is watching the blood.
A long weekend in the United States.
An opportunity to move the market to where people want to be filled.
Given where we are, it’s pretty likely …..
There are many liquor stores in the area.
I don’t know where we go from here… The yellow track would be pretty funny, I’m waiting to see what happens, and waiting for the blood. pic.twitter.com/VbIRiI32xz
– f i l ₿ f i l ₿ (@filbfilb) July 2, 2021
The total cryptocurrency market is currently $1.373 trillion, with bitcoin leading the way at 45.5%.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.